Energy Roundup: Crude's Rollercoaster Ride, Cheap Solar Power, and More

Recession fears, inventories spur oil’s wild ride this week – Crude oil was trading below $35 a barrel earlier this week as concerns of a global recession deepened. Prices suddenly rose 14 percent after a U.S. government report showed a drop in supplies for the first time this year, as imports declined. The gain, the biggest in seven weeks, was lost by the end of the week as new fears of a global recession returned. [Source: Bloomberg]

Researcher develops low-cost mirror in quest for cheap solar — A professor at the University of Arizona has discovered a way to make low-cost mirrors that still have a high quality of focus for photovoltaic systems, which could dramatically reduce the cost of solar power. The price of developing photovoltaic arrays, currently $6 to $7 a watt, could drop to $1 once the technology has matured. [Source: Tucson Citizen]

4Q losses continue for gas and oil producers — Constellation Energy and Chesapeake Energy this week were among numerous oil and gas production and exploration companies reporting large 4Q losses. Constellation, which posted a 4Q loss on costs from its failed sale to MidAmerican Energy, said it has started a restructuring plan that includes selling half of its nuclear business to EDF of France. Chesapeake reported an $866 million loss due to a surplus of natural gas and depressed commodity prices. The Oklahoma-based company has sold interests in all of its major shale operations except Barnett, which could be leased out in a joint transaction later this year. [Source: WSJ, Fort Worth Business Press]

Iran uranium report sparks atom bomb concerns — Atomic inspectors this week found Iran has underestimated the amount of uranium it has enriched by nearly one-third, setting off a firestorm of reaction and speculation about the country’s intentions and ability to build an atom bomb. The International Atomic Energy Agency report was downplayed by diplomats and Iran says its nuclear program is aimed only at producing nuclear energy. International and U.S. officials including nuclear experts weren’t as relaxed, noting the amount Iran has, if purified further, would be enough to create a nuclear weapon. [Source: Voice of America]

San Francisco joins electric charging station experiment — San Francisco Mayor Gavin Newsom unveiled a plan this week to install three electric vehicle charging stations in front of City Hall as part of a two-year public demonstration by Coulomb Technologies. Mayors of San Francisco, San Jose and Oakland recently outlined a plan to turn the Bay Area into the EV Capital of the U.S., which will try to make electric vehicles commercially available by 2012 and turn the area into a hub for investment in EV infrastructure. [Source: Gas 2.0]

Energy stimulus funding to start reaching recipients by summer — The Department of Energy will change how it disperses direct loans as part of a reorganization announced this week aimed at speeding up the loan process. Secretary Steven Chu hopes to begin approving loan guarantees for renewable energy projects included in the stimulus bill by early summer. [Source: DOE]